KLCI marginally higher as regional markets start cautiously

TheEdge Thu, Feb 14, 2019 09:10am - 5 years View Original


KUALA LUMPUR (Feb 14): The FBM KLCI ticked marginally higher in early trade today, against the backdrop of cautious regional markets.

At 9.05am, the FBM KLCI added 0.47 points to 1,685.77.

The early gainers included Fraser & Neave Holdings Bhd, Petronas Dagangan Bhd, Hong Leong Bank Bhd, CB Industrial Product Holding Bhd, Cahya Mata Sarawak Bhd, AMMB Holdings Bhd, Hap Seng Consolidated Bhd, LTKM Bhd, Allianz Malaysia Bhd and Dayang Enterprise Holdings Bhd.

Asian stock markets started in a cautious mood on Thursday as investors hoped for progress in the latest Sino-U.S. tariff talks while bracing for China trade data that are expected to show further falls in both exports and imports, according to Reuters.

There was some hope another U.S. government shutdown would be averted as President Donald Trump edged toward backing a deal in Congress on funding for a border barrier, it said.

Kenanga IB Research said Asian markets closed mostly higher yesterday with the Chinese shares surging after the deadline for the U.S. and China trade talks appeared to be pushed back.

It said the FBMKLCI, however, declined by 2.11 points (-0.13%) to close at 1,685.30.

“Overall, we maintain our neutral outlook, as the index remains above the 20 and 50 day-SMAs but other momentum indicators are starting to show signs of slowing down.

“A positive outcome from the trade talk could see the index trend higher to its resistances at 1,730 (R1) and 1,800 (R2). Should the index break below both the 20 and 50-day SMA, support levels can be identified at 1,650 (S1) and 1,600 (S2),” it said.

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